Sharebuilder — Phony Trades
To start, I received some free trades from Sharebuilder for completing one two of their phone surveys. Well when I received the promotion codes, the person I spoke with both times told me that the codes were for free trades. The persons did not clarify what type of free trades they were, just that they were free. So I placed the promotion codes on my both my stock and IRA account with Sharebuilder and viola, I got 5 promotional codes on both accounts.
Today, I went to both my stock and my IRA account to sell some stock and went through the transactions of doing that. After waiting most of the afternoon and the evening, I get my trade confirmations and I've been charged commissions for all the trades when they were supposed to be free.
I call Sharebuilder and speak with a Manager and she told me that it was my fault that I did not pay attention to what they website was telling me about the charges for selling the stock. I told her that I have free trades on my account and I shouldn't had been charged and she told me that the free trades I have on my account were for free automatic investments. Mind you, no one told me what type of FREE it was when I was given the promotion, so basically, the stock I sold today was literally given to them and all I got back was a mere penny. When I asked who to make the complaint too in regards to this issue, I was told to contact FINRA, that the company handles all disputes with Sharebuilder and such. When I went to the FINRA website, I figured out why they referred me to the site. In order to make a complaint against them, a person has to pay a filing fee to make a complaint and that fee isn't cheap at all. That's how they get away with doing what they are doing. They got 4 different stocks from me today and all I got for the stocks I sold was a 4 cents. Someone really needs to put them out of business so they can't cheat anymore people with what they are doing.